Solution-Calculate the capital gain and capital loss

Calculate the capital gain and capital loss

Assignment Help Taxation

Reference no: EM13509038

Tommy Turtleneck, an Australian tax resident, derived the following amounts in the year ended 30 June 2011:

		Acquisition	Arm's-length cost	Sale date	Proceeds
		date	$		$

1.	Sale of family car	June 2006	30,000	June 2011	35,000
2.	Sale of private motor bike	July 2006	10,000	June 2011	8,000
3.	Sale of painting from	August 2006	400	June 2011	80,000
	private collection
4.	Sale of trading stock	May 2011	80,000	May 2011	110,000
5.	Lottery win	N/A	N/A	May 2011	300,000
6.	Sale of depreciating asset	April 2007	Cost = 10,000	June 2011	3,000
	used 100% for business		Adjustable value = 2,000
7.	Sale of shares in a	April 2011	70,000	May 2011	80,000
	company which were
	acquired for a commercial
	profit-making purpose
8.	Compensation for losing	N/A	N/A	May 2011	20,000
	his left leg in a shark attack
9.	Sale of his family home	April 2002	1,000,000	June 2011	1,500,000
10.	Sale of rental property	April 1984	400,000	June 2011	800,000

Required

Calculate the capital gain/capital loss (if any) in relation to each of the above scenarios. Cite the relevant section reference for each scenario (where relevant, you must identify the specific provisions/subsections/ paragraphs/items, etc.).

Reference no: EM13509038

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Calculate the capital gain and capital loss

Reference no: EM13509038

Reference no: EM13509038

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